amendment of the law
Debate between Lindsay Hoyle and Danny Alexander(10 years, 8 months ago)
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Mr Deputy Speaker (Mr Lindsay Hoyle)
Order. The right hon. Gentleman is not giving way and persistence will not help.
Danny Alexander
I have quite a few more things to say, Mr Deputy Speaker, and I have less than three minutes in which to say them.
The rise in the personal allowance is not just a reward for hard work, but an incentive for hard work, as are the substantial changes that we have made on child care in the Budget. Those changes mean that we are getting more people into work and that people are keeping more of what they earn.
We have taken measures to incentivise businesses to invest, such as enhancing capital allowances. I pay tribute to my hon. Friend the Member for Burnley (Gordon Birtwistle), who pushed hard for those changes. They will make a serious difference to business investment in this country.
To conclude, this is a Government with a long-term economic plan, and they are an Opposition without any plan at all. For businesses, we have doubled the tax relief on new plant and equipment, while they are frightening off the investors whom we need to invest in the energy to power those machines. They will vote against the cut in corporation tax and confirm that the Labour party is the anti-business party in this House. For working people, we have lifted the personal tax allowance even further than we promised in our election manifesto. While they talk about a 10p rate, we have lifted the personal allowance to £10,500. For pensioners, we have delivered a triple lock, the largest cash rise in the basic state pension in a generation and the greatest pensions liberation in a century. In their time in office, they delivered a paltry 75p rise in the basic state pension.
Some people have referred to this as the Lamborghini Budget. That may well be so, because there is one person in this Chamber who has shown that he can out-accelerate a Lamborghini. That is the shadow Chancellor in retreating from his predictions on the economy, such as the 1 million jobs that were never lost and the triple dip that never came.
Youth Unemployment and Bank Bonuses
Debate between Lindsay Hoyle and Danny Alexander(12 years, 10 months ago)
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Danny Alexander
I do not think that he is on the Government Front Bench any more, Mr Deputy Speaker.
A fair account of the OBR’s forecast would also reflect the fact that it says that unemployment will come down to 6.2% by the end of the forecast period. That is a fair reflection of the OBR’s forecast. Of course I wish that we had not inherited such desperate economic circumstances from the previous Government, I wish that they had not left us the largest budget deficit in peacetime history, and I wish that we had not inherited a situation in which, as the same OBR report to which the hon. Member for Barrow and Furness refers showed, the damage done to our economy by the bust was even deeper than expected. He should probably reflect on that point, too.
On bonuses, we fully expect them to fall further this year and, as we approach the season, let me be clear that this is just the start. Across the banking sector, Labour allowed a sense of bonus entitlement to grow. In no other industry is there such a distorted culture of bonus entitlement. Following 13 years of Labour Government we have come some way towards dismantling that culture in the banking sector, but we accept that we have a long way to go to make a fundamental change in attitudes to pay. The coming bonus round provides another chance for the banking sector and its shareholders to demonstrate leadership on pay. That message is already getting through. As Otto Thoresen, director general of the Association of British Insurers, wrote to bank chairs last December,
“it can no longer be business as usual for this remuneration round.”
I agree with that, and the Government will play our part.
We have already said that for RBS and Lloyds Banking Group there will be a limit of £2,000 on cash bonuses, as we also imposed last year.
Danny Alexander
No, I am going to make some progress now.
A fair and sustainable recovery demands leadership, and that is exactly what we are providing. Labour cannot be taken seriously on the economy until it admits the mistakes it made when it was in power. If Labour was really changing its position on the economy, the first thing it would do is say sorry. Sorry for letting youth unemployment get out of control, sorry for letting the banking sector get out of control, and sorry for letting the deficit and debt get out of—[Interruption.]
Mr Deputy Speaker (Mr Lindsay Hoyle)
Order. Hon. Members should calm down, as a lot of Back-Benchers want to speak as well.
Danny Alexander
I do not think that those on the Opposition Front were trying to shout the apology that the country wants from them. They should say sorry, too, for letting the deficit and the country’s debt get out of control. Instead, all we have heard today is the apology of a speech made by the shadow Chief Secretary.
Comprehensive Spending Review
Debate between Lindsay Hoyle and Danny Alexander(14 years, 1 month ago)
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Mr Deputy Speaker (Mr Lindsay Hoyle)
Order. The right hon. Gentleman is giving way, but will hon. Members please take their seats when he does not?
Danny Alexander
Thank you, Mr Deputy Speaker.
As I was saying, we have published distributional analyses that clearly demonstrate that those on the highest incomes will contribute more towards the consolidation, not just in cash terms but as a proportion of their income and consumption of public services.
Danny Alexander
The last quarter of growth—Opposition Members were hoping that things would be worse than they are, which is a pretty poor foundation for any sort of economic policy—took place since the Budget. [Interruption.] Of course the previous Chancellor deserves credit for that much of his work in office—[Interruption.]
Mr Deputy Speaker
Order. A lot of Members want to speak in this debate, and this disorderliness is doing us no good.
Danny Alexander
Finally, reform means recognising that the old ways of doing things were not working.
Finance Bill
Debate between Lindsay Hoyle and Danny Alexander(14 years, 4 months ago)
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Mr Deputy Speaker (Mr Lindsay Hoyle)
That is not a point of order. If the hon. Gentleman wants to intervene, it is up to the Minister to give way if he wishes.
Danny Alexander
I have given way a great deal, and I now give way to the hon. Member for Carmarthen East and Dinefwr (Jonathan Edwards).